Typically when the Fed raises the interest rate, it indirectly results in mortgage rates going up and home prices going down.
In the Portland area, where the year-to-date median home sale price topped $600,000 for the first time ever in 2022, potential home buyers have been eying prices, waiting to see if they’ll drop.
The latest Regional Multiple Listing Service Market Action report released Wednesday shows that the median home sale prices in the Portland metro area are dropping, but maybe not as drastically as people had hoped.
From September to October, the median sale price fell 2%, from $548,000 to $537,000.
The year-to-date median sale price remains at $550,000, which is an 8.6% increase from the same time a year before.
In the Portland metro area, the housing inventory increased for the second month in a row. In October, it reached 2.4, meaning if no other houses were listed for sale, the number of available homes would sell within 2.4 months.
While housing inventory increased, not much else did. New listings decreased 20.3% from the 3,151 listed in September. Pending sales dropped 8.4% from September and Closed sales decreased 12.6% from September.
RMLS says total market time increased in October to 38 days.
In the Portland metro region, homes were the most affordable in Columbia County where the average sale price was $403,700 in October.
In Southwest Washington, the average home price was lowest in Central Vancouver at $380,300.